A corporation had 20,000 shares of $10 par value common stock outstanding on Jan 10. Later that day the board of directors declared a 30% stock dividend when the market value of each share was $40. The entry to record this dividend is

Db Retained Earnings $60,000

Cr Common Stock Dividend Distributable $60,000

Db Retained Earnings $60,000

Cr Cash $60,000

Db Reatined Earnings $240,000

Cr Common Stock Dividend Distributable $60,000

Cr Contributed Capital in Excess of Par $180,000

Db Retained Earnings $240,000

Cr Common Stock Dividend Distributable $240,000